Losses increase for CryptoLogic
CryptoLogic is currently in the process of being purchased by Montreal-based server and network-based gaming specialist Amaya Gaming Group in a deal worth up to us$ 35.8 million and posted a net loss of us$ 600,000 for the first three months of 2011.
Dublin-based CryptoLogic announced that total revenues for the first quarter of 2012 totalled us$ 5.3 million, which was a drop of 11.6 percent year-on-year, while expenses rose 15.3 percent when compared to the same period last year to us$ 7.5 million.
This saw CryptoLogic left with net cash of us$ 16.7 million at end of March, compared to us$ 16.6 million over the same period in 2011, while its total assets fell by us$ 1.9 million year-on-year to us$ 33.9 million.
“In February of 2012, CryptoLogic recommended a us$ 35.8 million cash offer from Amaya, which has received acceptances representing approximately 88.15 percent of the issued share capital of CryptoLogic as of May 2,” read a statement from CryptoLogic. “The offer has gone unconditional and has been further extended until 3pm UK time on May 16 unless otherwise extended.”
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